Sheffield Electronics, an electronics supply company, uses the perpetual inventory system with a subsidiary inventory ledger to maintain control over an inventory of thousands of electronic parts. The quantities and costs for three of the parts in inventory follow:

Part No. Quantity on Hand Cost per Unit

KT88.....................................6...........................$21.00

EL34....................................24.............................18.00

12AX7...................................7.............................11.00

Your job is to do the following:

1. Enter the preceding beginning balances in the inventory record forms; beginning inventory is $635.

2. Journalize and post the following transactions.

201X

Feb. 10 Purchased the following on account:

Part No. Quantity Cost per Unit

KT88.............................24............................$21.00

12AX7...........................40..............................11.00

11 Sold 9 number KT88 units for cash at a selling price of $28.00 each.

13 Sold the following for cash:

Part No. Quantity Sales Price per Unit

KT88...............................10.................................$28.00

EL34...............................12...................................23.00

12AX7............................16....................................11.00

15 A customer brought back 6 of the KT88 units bought 2 days ago because they did not work.

16 Sheffield Electronics sent back to the vendor the faulty KT88 units that the customer brought back.